By Giulia Petroni

Enel SpA and nuclear technology company Newcleo have signed an agreement to collaborate on nuclear projects and reduce existing volumes of radioactive waste to be used as fuel.

Italy's largest utility on Monday said it will provide specialized expertise for Newcleo's advanced nuclear projects by sharing some of its qualified personnel. In return, Newcleo has committed to securing an option for Enel as first investor in its first nuclear power plant, which will be built outside Italy.

The London-based privately funded company, which was launched in 2021, plans to design and build a mini 30 megawatt electrical lead fast reactor to be deployed in France by 2030, followed by a 200 MWe commercial unit in the U.K.

Financial details of the deal weren't released.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 13, 2023 07:21 ET (11:21 GMT)

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